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At 08:14 AM 2/17/99 -0600, Gary Kramer wrote: >>>> RESEND -----Original Message----- From: Gary Kramer To: RealTraders Discussion Group Date: Tuesday, February 16, 1999 7:03 PM Subject: Market fills
Does anyone who uses FTG have "complaints" about quality and timliness of fills on Market orders. Today, I had a real lousy buy fill (1 point) in a normal market and they reported it back to me after over 2 minutes! Similar situations have occurred since I started using them. Also, the system clock which they use to record transactions was running about 45 seconds fast today and has run fast on other days too. I have a web-based atomic clock which I use to calibrate my trades and to see how timely my quotes are coming in. They are trying to tell me that the system clock is actual time but I dont believe them Any comments would be most welcome Thanks Gary Kramer Oak Park, IL 60302 708-401-0382 (Voice mail and Fax) <<
Gary,
You've touched a nerve! From the start I've had complaints about FTG. First, Daniel Bardol (their broker) can't get my commission rate correct. Several days pass before my email daily runs reflect the correct commission rate. When I remind him they owe me a credit for the difference he acts surprised, then relents. However, I'm still waiting nearly a week later for that credit. To add insult to injury, last night's run reflected a commission rate of nearly *double* what I'm supposed to be paying! Back to square one. I'll be talking to him when he finally gets into his office 3 hrs after the mkt opens.
Re the timliness of fills: I decided to try out their emini network & interface before moving more funds into my account to trade the spoo. >From the start I was getting fills 20-30 secs late. Not just reports, but filled where the mkt was trading @ that time. Reports (especially on stops) came as much as 5 mins later. Twice I had to call the desk to find out what happened to my stop. Both times it had been "misplaced" because they were understaffed.
I've talked w/ Ella & Martin in Support (also my broker) re the ridiculous delays. I'd been using Timberhill before (leased workstation, not the retail emini front end) & was accustomed to 2 second fills. I have several trader friends who also got 2-3 sec fills on the emini using other brokers. I realize there's been problems on CUBS/TOPS but most IB's have developed their own API to directly access the system. Apparently, FTG still hasn't delivered on their promise of "state of the art" as they still don't have their API complete yet. I keep getting put off re when it will be ready. Meanwhile, I finally got an admission from them that your emini orders are *manually* keyed into a terminal that then routes your order for execution. After it comes back to them it must be *manually* keyed into their reporting network for you to get your fills, etc. If several orders hit their desk near the same time they can get backed up as much as nine orders deep at times. This is why we're not getting "electronic" turnaround speeds!
Also, I agree re the clock issue. I've gone round & round w/ them about the "true" times of fills & reporting. However, today was the last straw. I closed out a long position that was profitable this morning after the opening gap was being filled. I'd already C/R'd my stop several times as I was trailing it on the way up. I left it @ my entry for a breakeven & when I closed out my position by exiting @ mkt, I straight cancelled the stop @ the same time.
I was happy w/ my trade & was writing it up when I got a "too late to cancel" e-message on my screen. Now I was short (due to the stop) & had to close out that trade. Stunned, I reviewed the report screen & the mkt's movement. I keep a 2 tick chart up to review questionable fills, and the mkt didn't even get to the cancelled stop price for @ least 2 minutes!!
I called the desk & spoke w/ Ella. She basically said I'm supposed to do a C/R on my stop to make it a mkt exit "so that won't happen". Excuse me? I've been going to arb desks in the spoo for yrs & I routinely got flash fills w/ straight cancels on my stops in less than 30 secs. Furthermore, you're asking for trouble doing a C/R when a straight cancel is the KISS route to take. After getting disconnected & lots of "on hold" time I was finally trasnferred w/out explanation to Greg Parks (who didn't ID himself re his function or why I was now talking w/ him -- only that this was "Greg"). Greg's the margin monitor @ Rosenthal Collins. Why I got him instead of T&S I still don't know. Anyway, he acts like it's an annoyance, puts me on hold, comes back & finally says he'll have to "get back to me". I'm still waiting.
I will not trade another contract @ FTG until all the above is rectified. As far as I'm concerned, they've misrepresented their operations on their web page. Unless you do thorough diligence (which I did @ signup) you won't be told that they're not completely electronic -- yet. And you'll still be put off re how much longer you'll have to wait for their "dream system" to be fully operational.
I'm pissed, Gary, and I'd like to hear from all other FTG clients to find out their experiences.
Michael Guess mjg@xxxxxxx >>>>
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